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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,641
  • Mar 25, 2011 5:09am Mar 25, 2011 5:09am
Quoting eyevoltage
Islander, on my chart it's NOT QUITE a harami and NOT QUITE a dark cloud cover!! So I guess that two "not quites" equals a "go for it"!!

LOL - thanks EV - so in future I'll call them "semis"

Yeeks - I see we have dragged Macca away from his friday night on the town - hope all's well with you too http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #6,642
  • Mar 25, 2011 5:35am Mar 25, 2011 5:35am
Whoops - sorry I hadn't completed updating this chart - last Fridays low at 6060.5 was missing - it was rather important too....http://www.forexfactory.com/images/icons/icon11.gif
Attached Image (click to enlarge)
Click to Enlarge Name: mar 25 gu 5m 1130 cet.gif Size: 19 KB
Trading Levels with WRBs
  • #6,643
  • Edited 8:51am Mar 25, 2011 6:04am | Edited 8:51am
Quoting Islander
If you made the entry according to your own researched rules, then yes - and well done http://www.forexfactory.com/images/icons/icon14.gif

For me, I see two other possibilities

IF you are trying to get in as near a potential turn as possible, then - off this chart - I would have a sell stop under the closed red candle - a completed harami - I think, and EV will tell me if I'm wrong! This reduces your stop loss ammount if you're working just above the high.

Another, IMO safer entry is to wait for the LH and take an entry just...
Islander,

thanks for the insights.

the reason for not entering right below the "harami" was that i didn't see it as such since the upper wick of this candle fell above the high of the previous candle. a harami, i've read, is a candle completely contained within the body of the previous candle. for myself, i relax that definition to include all inside bar type candles. from now on, since this formation (body of candle contained within body of previous candle with no regard for wicks) in practice, works for you as a harami would, I'll consider it as such too.

then, I checked if it made a dark cloud cover. but that would need to close more than 50% into the previous candle. also, it would have to open higher than the previous candle.

besides, the __25 and today's open were both in the way. so, i placed the entry past those, using for entry, the b/o of the lows of the previous 2 candles which shared the same level ~ 1.6123 and presented a tiny support level of sorts.

as you rightly surmised, my concern was getting in as close to the top as possible. so, i didn't wait for the LH bcos in a quick reversal that could be too late and perhaps, mean a missed trade.

thanks, again.
  • #6,644
  • Edited 6:41am Mar 25, 2011 6:31am | Edited 6:41am
Quoting eyevoltage
Islander, on my chart it's NOT QUITE a harami and NOT QUITE a dark cloud cover!! So I guess that two "not quites" equals a "go for it"!!
good one!
this goes in my book of reusable quips
  • #6,645
  • Mar 25, 2011 7:02am Mar 25, 2011 7:02am
Quoting Islander
Whoops - sorry I hadn't completed updating this chart - last Fridays low at 6060.5 was missing - it was rather important too....http://www.forexfactory.com/images/icons/icon11.gif
Islander,

In your chart you have marked divergence for when GU turned back up.
was there a legitimate entry somewhere for that up move?

thanks.
  • #6,646
  • Mar 25, 2011 11:04am Mar 25, 2011 11:04am
Quoting Islander
Whoops - sorry I hadn't completed updating this chart - last Fridays low at 6060.5 was missing - it was rather important too....http://www.forexfactory.com/images/icons/icon11.gif
Hi islander !

I've notice a difference between our setup for Market profile. Could you please explain, if it's something wrong.

Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: 33.jpg Size: 280 KB
  • #6,647
  • Mar 25, 2011 11:48am Mar 25, 2011 11:48am
Quoting vasi
Hi islander !

I've notice a difference between our setup for Market profile. Could you please explain, if it's something wrong.

Thank you
I believe Islander may be travelling now, so in case he's unable to respond, let me point out that you have an old version of the indicator. Most recent attached.
Attached File(s)
File Type: mq4 ay-MarketProfileDWM.v1.31.rev1.mq4   36 KB | 387 downloads
  • #6,648
  • Mar 25, 2011 12:21pm Mar 25, 2011 12:21pm
Quoting medici
I believe Islander may be travelling now, in case he's unable to respond, let me point out that you have an old version of the indicator. Most recent attached.
Thank you Sir ! But I have the same problem. His POC level is on 1.61350 and my 1.6113 for 25.03.11. I don't know why.
  • #6,649
  • Mar 25, 2011 1:35pm Mar 25, 2011 1:35pm
Quoting vasi
Thank you Sir ! But I have the same problem. His POC level is on 1.61350 and my 1.6113 for 25.03.11. I don't know why.
vasi,

a few explanations come to mind:

1]
daily close time used by you and islander may be different. I think islander uses close at midnight US EST for POC purpose.

2]
there could be a variance in broker volume distribution over price levels.

3]
it can also vary between timeframes.

GU POC for 25-Mar-11 on my charts (I use daily close at US EST 5 PM) show :

1.6120 on M5.
1.6115 on M15.
1.6115 on M30.
1.6115 on H1.
1.6100 on H4.

hope that helps.

cheers.
  • #6,650
  • Mar 25, 2011 2:04pm Mar 25, 2011 2:04pm
Quoting vasi
Thank you Sir ! But I have the same problem. His POC level is on 1.61350 and my 1.6113 for 25.03.11. I don't know why.
You need to read Islander's comments. As he said, the 6135 level was from last Thursday (see chart). 6113 for today is perfectly alright.
Attached Image (click to enlarge)
Click to Enlarge Name: Gu H1 25 march.jpg Size: 98 KB
  • #6,651
  • Mar 25, 2011 3:50pm Mar 25, 2011 3:50pm
Quoting medici
You need to read Islander's comments. As he said, the 6135 level was from last Thursday (see chart). 6113 for today is perfectly alright.

Yes, now I see the level, it's last Thursday, not yesterday.
  • #6,652
  • Mar 27, 2011 9:18am Mar 27, 2011 9:18am
Just wanted to say thankyou for the responses to my questions on Thursday. Unfortunately, I have had an unexpectedly ill dog to deal with and thus didn't come back to you. Just didn't want you to think I was being discourteous.

Hope to see you all tomorrow.
  • #6,653
  • Mar 27, 2011 5:18pm Mar 27, 2011 5:18pm
Quoting Delite
Just wanted to say thankyou for the responses to my questions on Thursday. Unfortunately, I have had an unexpectedly ill dog to deal with and thus didn't come back to you. Just didn't want you to think I was being discourteous.

Hope to see you all tomorrow.
You're welcome, old chap, and I hope the dog's ok.
  • #6,654
  • Mar 28, 2011 3:04am Mar 28, 2011 3:04am
Morning, folks......

This would have been a good start to the day, but I've been busy with other things, and I missed it.
A really nice bullish flag on the Aussie, right across the mid-point line. A nice set-up. Hope there's one or two more like this one as the day progresses!!
Attached Image
  • #6,655
  • Mar 28, 2011 6:44am Mar 28, 2011 6:44am
Hey EV, this may sound like a stupid question but what do you mean by the mid point line ?
  • #6,656
  • Mar 28, 2011 6:58am Mar 28, 2011 6:58am
Quoting dan89
Hey EV, this may sound like a stupid question but what do you mean by the mid point line ?
The mid-point line is the half-way point between the pivot lines. Pivot points used by themselves have proved to be significant areas of support and resistance. However, if you also include the mid-point lines, you will see that these too are very significant points that price respects surprisingly often.
  • #6,657
  • Mar 28, 2011 8:25am Mar 28, 2011 8:25am
Quoting eyevoltage
The mid-point line is the half-way point between the pivot lines. Pivot points used by themselves have proved to be significant areas of support and resistance. However, if you also include the mid-point lines, you will see that these too are very significant points that price respects surprisingly often.
Hey EV, thanks for the reply. Which timeframe are your pivot points on ?
  • #6,658
  • Mar 28, 2011 9:09am Mar 28, 2011 9:09am
Quoting dan89
Hey EV, thanks for the reply. Which timeframe are your pivot points on ?
I've no idea, mate. I use FXI Pivots and all I know is that they change over at midnight. Can anyone else out there shed any light?
  • #6,659
  • Mar 28, 2011 9:19am Mar 28, 2011 9:19am
Here's two beauties, where the second one was totally unexpected. A symmetrical triangle formed as the MA's crossed and the entry and exit of the first one are clearly indicated. The most I expected then was some sort of pull-back, but then price just decided to carry on up! Just one of those rare slices of good fortune.
Attached Image
  • #6,660
  • Mar 28, 2011 9:39am Mar 28, 2011 9:39am
EV, anychance you could post up that FXI pivots indi. ive got one version but its points seem to be different to yours
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